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Hong Kong SFC Quarterly Report 2021: Asset & Wealth Management AUM at $4.47 Trillion
11th December 2021 | Hong Kong
The Hong Kong SFC (Securities & Futures Commission) has released the quarterly report for July to September 2021, with Asset & Wealth Management AUM at $4.47 trillion (HKD 34.9 trillion) at the end of 2020, rising 21% year-on-year. At the end of September 2021, the total number of licensees and registrants is at 48,364, of which 3,180 were licensed corporations. Hong Kong SFC authorised 31 unit trusts and mutual funds (including 20 Hong Kong- domiciled funds), 4 mandatory provident fund pooled investment funds & 73 unlisted structured investment products for public offering in Hong Kong, registered 12 new open-ended fund companies, vetted 78 new listing applications, including 3 from companies with weighted voting rights structures and 15 from pre-profit biotech companies. On 10 September 2021, the People’s Bank of China, Hong Kong Monetary Authority and Monetary Authority of Macao announced the launch of the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area. View full highlights below | View: Report (AUM ~ Assets under Management)
” Asset & Wealth Management AUM at $4.47 Trillion “
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Hong Kong SFC Quarterly Report 2021 Highlights:
Products
- Product authorisations and registrations: We authorised 31 unit trusts and mutual funds (including 20 Hong Kong- domiciled funds), four mandatory provident fund pooled investment funds and 73 unlisted structured investment products for public offering in Hong Kong. We registered 12 new open-ended fund companies.
- Asset and Wealth Management Activities Survey: Hong Kong’s asset and wealth management business recorded a 21% year-on-year increase in assets under management (AUM) to $34,931 billion as at the end of 2020 and net fund inflows of $2,035 billion during 2020, accounting for 33% of the year-on-year increase.
- Fund flows: Hong Kong-domiciled SFC-authorised funds reported overall net inflows of US$7,131 million in the six months to 30 September.
- Derivatives contracts: We approved three derivatives contracts proposed by Hong Kong Exchanges and Clearing Limited, namely Hang Seng Index Futures Options, Hang Seng China Enterprises Index Futures Options and MSCI China A50 Connect Index Futures.
- Wealth Management Connect: On 10 September, the People’s Bank of China, Hong Kong Monetary Authority and Monetary Authority of Macao announced the launch of the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area.
Intermediaries
- Licensing: As at 30 September, the total number of licensees and registrants remained stable at 48,364, of which 3,180 were licensed corporations.
- Supervision: We conducted 66 on-site inspections of licensed corporations to review their compliance with regulatory requirements.
Listing regulation
- Listing applications: We vetted 78 new listing applications, including three from companies with weighted voting rights structures and 15 from pre-profit biotech companies.
- Corporate conduct: As part of our review of corporate disclosures, we issued section 1791 directions to gather additional information in six cases and wrote to listed issuers detailing our concerns in one case.
- Takeovers: We publicly censured BIT Mining Limited2 for breaching the rules on special deals under the Code on Takeovers and Mergers when it issued new shares to a director and shareholder during a general offer.
Regulatory enhancements
- Management and disclosure of climate-related risks by fund managers: We concluded a consultation on amendments to the Fund Manager Code of Conduct to require fund managers managing collective investment schemes to take climate-related risks into consideration in their investment and risk management processes and provide investors with appropriate disclosures.
- Anti-money laundering: We issued consultation conclusions on proposed amendments to our anti-money laundering and counter-financing of terrorism (AML/CFT) guidelines to align them with the Financial Action Task Force’s standards and provide additional guidance for the implementation of risk-based AML/CFT measures.
- Investor identification: We concluded a consultation on an investor identification regime for the securities market in Hong Kong and an over-the-counter securities transactions reporting regime for shares listed on the Stock Exchange of Hong Kong.
Enforcement
- Disciplinary actions: We disciplined two licensed corporations and five individuals during the quarter, resulting in total fines of $11.95 million.
- Market surveillance: We made 2,733 requests for trading and account records triggered by untoward price and turnover movements.
- Unregulated virtual asset platforms: We issued a statement to clarify that no entity in the Binance group is licensed or registered to conduct regulated activities in Hong Kong and investors should exercise extreme caution if they plan to invest in stock tokens offered on unregulated platforms.
- Joint operations with the Police and ICAC: In our separate joint operations with the Police and the Independent Commission Against Corruption (ICAC) involving listed companies, the Police arrested two persons for suspected conspiracy to defraud, theft and money-laundering and the ICAC arrested six persons for suspected corruption offences.
Regulatory engagement
- International: In September, our Chief Executive Officer Mr Ashley Alder chaired a special meeting of the Board of the International Organization of Securities Commissions which discussed liquidity risks in open-ended funds and the resilience of money market funds.
- Green and sustainable finance: The Hong Kong Green and Sustainable Finance Cross-Agency Steering Group, co- chaired by the SFC and the Hong Kong Monetary Authority, announced the next steps to advance its collaborative strategy to help transition the financial ecosystem towards carbon neutrality.
Stakeholders
- New alert list: We introduced a new feature on our website to warn the public about unauthorised investment arrangements suspected to be collective investment schemes, which may not be offered to the public in Hong Kong without the SFC’s authorisation.
- Regulatory forum: We hosted the fourth SFC Regulatory Forum in November to exchange views with senior policymakers, professionals and industry participants on Hong Kong’s future development as China’s international financial centre.
Related:
- Hong Kong SFC Bans Former Bank of Singapore & Julius Baer Private Banker for 10 Years for Using Fake Degree
- Hong Kong Exchange Publishes Net-Zero Guide for Issuers, New Hong Kong Listco ESG Metrics
- Hong Kong Monetary Authority Fines CCB, ICBC, CTBC and UBS $5.67 Million for Anti-Money Laundering & Terrorist Financing Breaches
- Hong Kong SFC Bans Former Standard Chartered Relationship Manager and UOB Dealer for Life following Conviction of Bribery
- Hong Kong SFC to Promote Trading of China Renminbi Securities, SPAC and Green & Sustainable Finance Hub
- Hong Kong SFC Suspends Former Emperor Securities Licensed Representative for 2 Years for Misconduct
- Hong Kong SFC Warns Public On Unauthorised Collective Investment Schemes, Publishes Alert List
- Hong Kong SFC to Require Fund Managers to Include Climate into Investment & Risk Management Process, Starts from August 2022
- Hong Kong SFC 2021 Q2 Report: Actions on Market Misconduct, $640,000 Fines, 47527 Licensees, ESG Guidelines for Asset Managers
- Hong Kong SFC and Police Searched Listed Company Office & Residences for $57.9 Million Corporate Fraud, Arrests 2 for Money-Laundering
- Hong Kong SFC Fines UBS $1.49 Million for Failure to Disclose Conflict of Interests, Risks and to Qualify Clients
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